US President Joe Biden has called on Congress to give regulators greater power over the banking sector in response to the failures of Silicon Valley Bank and Signature Bank.
He proposed legislation to enable regulators to claw back ill-gotten gains, impose fines and bar executives of failed banks from taking other jobs in the financial industry.
Biden argued that this move would strengthen accountability and deter future mismanagement.
In his statement, Biden stressed that no one is above the law and claimed that the law limits the administration's authority to hold executives responsible, so he urged Congress to act on this limitation.
The Axios report highlights the banks' failure to effectively manage risk as the reason for their downfall.
In contrast, the NY Times report emphasises that the proposal would build on existing regulatory powers held by the Federal Deposit Insurance Corporation.
Meanwhile, The Telegraph adds that major banks - including JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and Trust - united to provide an emergency $30bn (£24.6bn) funding package despite the stabilisation attempts of the White House and the Federal Reserve.
The President is looking to enact new regulations to prevent the failures such as that of Silicon Valley Bank from recurring.
The most significant changes in regulation seek to increase regulator's powers to hold executives financially accountable when their actions cause a lender to fail.
The proposal is a response to the federal rescue of depositors at Silicon Valley Bank and Signature Bank last week, and builds on existing regulatory powers held by the Federal Deposit Insurance Corporation.
Nevertheless, the reports offer slightly different perspectives in their characterisation of the US banking system and Federal regulatory powers.
For example, while Biden said that the White House and the Federal Reserve took "decisive action" to stabilise the banking system in the wake of SVB's collapse- The Telegraph highlights the tension between fears of a larger nationwide banking crisis and an emergency funding package from America's largest banks.